Date Archives: January 2011

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January
24

By: G. M. Filisko

Here's how to clean up your credit so you get the least-expensive home loan possible.

 

Boost your credit score by paying the balance on your credit cards in full, and on time, every month. Getting the loan that suits your situation at the best possible price and terms makes homebuying easier and more affordable. Here are seven ways to boost your credit score so you can do just that.

1. Know your credit score

Credit scores range from 300 to 850, and the higher, the better. They're based on whether you've paid personal loans, car loans, credit cards, and other debt in full and on time in the past. You'll need a score of at least 620 to qualify for a home loan and 740 to get the best interest rates and terms. 

You're entitled to a free copy of your credit report annually from each of the major credit-reporting bureaus, Equifax, Experian, and TransUnion. Access all three versions of your credit report at www.annualcreditreport.com. Review them to ensure the information is accurate.

2. Correct errors on your credit report

If you find mistakes on your credit report, write a letter to the credit-reporting agency explaining why you believe there's an error. Send documents that support your case, and ask that the error be corrected or removed. Also write to the company, or debt collector, that reported the incorrect information to dispute the information, and ask to be copied on any materials sent to credit-reporting agencies.

3. Pay every bill on time

You may be surprised at the damage even a few late payments will have on your credit score. The easiest way to make a big difference in your credit score without altering your spending habits is to diligently pay all your bills on time. You'll also save money because you'll keep the money you've been spending on late fees. Credit card or mortgage companies probably won't report minor late payments, those less than 30 days overdue, but you'll still have to pay late fees.

4. Use credit carefully

Another good way to boost your credit score is to pay your credit card bills in full every month. If you can't do that, pay as much over your required minimum payment as possible to begin whittling away the debt. Stop using your credit cards to keep your balances from increasing, and transfer balances from high-interest credit cards to lower-interest cards.

5. Take care with the length of your credit

Credit rating agencies also consider the length of your credit history. If you've had a credit card for a long time and managed it responsibly, that works in your favor. However, opening several new credit cards at once can lower the average age of your accounts, which pushes down your score. Likewise, closing credit card accounts lowers your available credit, so keep credit cards open even if you're not using them.

6. Don't use all the credit you're offered

Credit scores are also based on how much credit you use compared with how much you're offered. Using $1,000 of available credit will give you a lower score than having $1,000 of available credit and using $100 of it. Occasionally opening new lines of credit can boost your available credit, which also affects your score positively.

7. Be patient

It can take time for your credit score to climb once you've begun working to improve it. Keep at it because the more distance you put between your spotty payment history and your current good payment record, the less damage you'll do to your credit score.

January
20

By: G. M. Filisko

Whether you're buying or selling, it's important to choose representation that meets your needs in the transaction.

 

When it comes to representation in a real estate transaction, there are several options available. You have choices when selecting representation in a real estate transaction. Here are five tips for understanding which type of legal relationship with a real estate professional, called an agency relationship, will best protect you when you buy or sell a home.

1. Buyer's agency

When you're buying a home, you can hire an agent who represents only you, called an exclusive buyer's representative or agent. A buyer's agent works in your best interest and owes you a fiduciary duty. You can pay your buyer's agent yourself, or ask the seller, or the seller's agent, to pay your agent a share of their sales commission.

If you're selling your home and hiring an agent to list it exclusively, you've hired a selling representative-an agent who owes fiduciary duties to you. Typically, you pay a selling agent a commission at closing. Selling agents usually offer or agree to pay a portion of their sales commission to the buyer's agent. If your seller's agent brings in a buyer, your agent keeps the entire commission.

2. Subagency

When you purchase a home, the agent you can opt to work with may not be your agent at all, but instead may be a subagent of the seller. In general, a subagent represents and acts in the best interest of the sellers and sellers' agent.

If your agent is acting as a subagent, you can expect to be treated honestly, but the subagent owes loyalty to the sellers and their agent and can't put your interests above those of the sellers. In a few states, agents aren't permitted to act as subagents.

Never tell a subagent anything you don't want the sellers to know. Maybe you offered $150,000 for a home but are willing to go up to $160,000. That's the type of information subagents would be required to pass on to their clients, the sellers.

3. Disclosed dual agency

In many states, agents and companies can represent both parties in a home sale as long as that relationship is fully disclosed. It's called disclosed dual agency. Because dual agents represent both parties, they can't be protective of and loyal to only you. Dual agents don't owe all the traditional fiduciary duties to clients. Instead, they owe limited fiduciary duties to each party.

Why would you agree to dual agency? Suppose you want to buy a house that's listed for sale by the same real estate brokerage where your buyer's agent works. In that case, the real estate brokerage would be representing both you and the seller and you'd both have to agree to that. Because there's a potential for conflicts of interest with dual agency, all parties must give their informed consent. In many states, that consent must be in writing.

4. Designated agency

A form of disclosed dual agency, "designated agency" allows two different agents within a single firm to represent the buyer and seller in the same transaction. To avoid conflicts that can arise with dual agency, some managing brokers designate or appoint agents in their company to represent only sellers, or only buyers. But that isn't required for designated agency. A designated, or appointed, agent will give you full representation and represent your best interests.

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